By Staff Reporter
The designs were shortlisted from a variety of submissions made by citizens
Karachi: The State Bank of Pakistan (SBP) has announced that newly designed currency notes will be introduced into circulation this year, as reported by ARY News on Monday.
During a press conference following the announcement of the new policy rate, SBP Governor Jameel Ahmed confirmed that the new notes, in all current denominations, would be rolled out gradually, rather than all at once, featuring updated designs.
He further clarified that the new currency notes will be sent to the federal cabinet for approval once the technical evaluation process is completed.
While the Governor did not specify which denomination will be released first, the announcement marks an important step in modernizing the country’s currency, ARY News reported.
According to an official statement, it is standard practice for central banks to introduce new banknote series every 15 to 20 years to maintain the integrity of the currency and incorporate the latest advancements in banknote design and security features.
Last year, the SBP unveiled potential designs for the new currency notes across all denominations. These designs were shortlisted from a variety of submissions made by citizens as part of an art competition organized by the SBP.
The winners of the competition were Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam, who secured the first prize. Mirza Sufiyan, Aynee Zahra, and Karim Muhammad won the second prize.
The SBP emphasised that the designs were carefully evaluated by a panel of experts from various fields. The shortlisted designs are being shared with international designers, who will collaborate with the SBP to finalize the new currency notes.
Source: Gulf News
